Telefónica

Spanish economy 9th April 2024

Criteria becomes Telefónica’s largest shareholder with 5% of share capital

CriteriaCaixa has become Telefónica’s largest shareholder, with exactly 5.007% of the capital, up from 2.69% at the end of March. This stake, increased by 2.31% through market purchases and financial instruments and with a market value of €527 million – at Monday’s price (€3.97) – puts the industrial group one at hundredth more than Saudi Telecom (4.99%). BBVA holds 4.86% of the teleco’s shares, compared with 4.5% for BlackRock and…

European economy 3rd April 2024

Telefónica and VM02 face reopening of anti-competitive proceedings in UK

Link Securities| Telefónica (TEF) and its subsidiary VMO2, which it controls 50/50 with Liberty, are facing the reopening of proceedings in the United Kingdom for possible anti-competitive practices, according to Telefónica on Wednesday. Also involved in the case are Everything Everywhere (EE, now a subsidiary of British Telecom (BT-GB)), Deutsche Telekom (DTE-DE), Vodafone (VOD-GB) and Orange (ORA-FR). The administrators of Phones4U, a company that went into receivership almost a decade…

European economy 7th March 2024

Telefónica launches delisting takeover bid for the 5.65% stake in Telefónica Deutschland it failed to secure in previous bid

Norbolsa | Telefónica (TEF) has launched a delisting tender offer to acquire the shares of Telefónica Deutschland that are not owned by Telefónica representing approximately 5.65% of the share capital and voting rights. The delisting offer will be formulated as a tender offer and will not be subject to any conditions. The offered price per share is €2.35, which is an attractive price that yesterday closed at €2.34/share. Upon delisting,…

Spanish economy 22nd February 2024

Telefónica confirms dividend (€0.30/share) despite ending 2023 with losses (-€892m) due to restructuring in Spain and impairment in UK

Telefónica (TEF) closed 2023 with a loss of €892 million due to extraordinary items, including the provision for the restructuring plan in Telefónica Spain and an impairment of goodwill in Virgin Media O2 (VM02). The operator’s ordinary net profit in 2023, excluding provisions and extraordinary items, grew 17.1% to €2,369 million. Group revenues rose 1.6% last year to more than EUR €40,000 million (€40,652 million). Net financial debt increased mainly…

European economy 20th February 2024

Telefónica to create new company to unbundle UK landline network, 100% controlled by Virgin Media O2

Renta 4| Telefónica and its UK partner Virgin Media have announced the creation of a subsidiary that aims to spin off fixed line assets and accelerate the rollout of broadband in the UK. Virgin Media O2 (VMO2) has a deployment of 16.7 million Real Estate Units and aims to reach 23 million by 2026. The new company (netco) would be 100% controlled by Virgin Media O2, although this new structure…

Spanish economy 16th February 2024

Telefónica wins lawsuit against Millicom for cancelling purchase of Costa Rican subsidiary

A New York court has ruled in favour of Telefónica in its lawsuit against Millicom International Cellular for refusing in 2020 to honour the agreement to buy the telecommunications company’s subsidiary in Costa Rica for $70 million (around €530 million at current exchange rates). Although the ruling does not specify the amount to be paid in compensation by the telephone operator, which refused to make the purchase despite having agreed…

European economy 15th February 2024

Telefónica Tech teams up with China’s Ehang to boost urban air mobility in Europe and LatAm

Alphavalue / Divacons| Telefónica Tech has teamed up with Chinese company EHang, which produces electric aerial vehicles with vertical take-off and landing capabilities for transporting passengers and cargo without a pilot, to boost urban air mobility in Europe and Latin America, the operator said in a statement. Telefónica Tech will contribute its 5G connectivity and private network capabilities to the project to enhance the “safety and efficiency” of this type…

Relevant News Item 10th February 2024

Competition Commission proposes to deregulate wholesale market and eliminate Telefónica’s obligation to cede fixed network to third parties

Bankinter| The National Markets and Competition Commission (CNMC) is opening a public consultation for one month to deregulate the wholesale fixed telephony market. It proposes that Telefónica be freed from the obligation, as the dominant operator, of having to provide fixed lines to any customer who demands them, regardless of the operator. It justifies this by the current low demand for fixed lines compared to a majority of fixed telephony…

Relevant News Item 5th January 2024

Telefónica’s final direct cost savings with layoff programme represent close on 48% of €600m of those announced in November 2023 plan

Banc Sabadell | Telefónica (TEF) has communicated this week the agreement for the execution of the planned redundancy proceedings for its subsidiaries in Spain, which will finally affect 3,421 employees (~16% of the employees in Spain, ~3% of the Group), in line with what was already known. In the statement, Telefónica indicates that the present value of the costs associated with the plan has resulted in a provision of close…

Spanish economy 5th January 2024

Telefónica closes redundancy proceedings affecting 3,421 employees

Link Securities | Telefónica’s most representative trade union organisations have reached an agreement to sign the Third Collective Bargaining Agreement for Related Companies, valid until 31 December 2026 and extendable for a further year, with the aim of moving towards a more digital, flexible company that is prepared for future challenges in a highly competitive context of profound transformation. This agreement will allow Telefónica, among other things, to continue its…

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